THE largest marina in Cyprus, hosting up to 1,000 boats, is envisioned in the terms of a tenders process for the development of the Larnaca port and marina, opened earlier this week.

The first phase of the process calls for submissions of interest by prospective investors.

According to the terms, submissions may be filed until February 3, 2017.

A month later, the Transport ministry will notify those deemed eligible, who will then be asked to submit bids.

The successful bidder is expected to be selected by August 2017.

The area to be developed has a total 510,000 square metres, which includes the Larnaca port and marina, as well as the undeveloped surrounding area.

The new marina could have a capacity of 1,000 berths (the current marina can hold 350 boats), while the land around it has been estimated at 98,000 sq.m., with a building coefficient of 40 per cent.

According to the terms of the process, the port area is split into two.

The northern part will be slated exclusively for port operations, while the southern part will cover an area of 185,000 sq.m., with a building coefficient of 120 per cent.

General terms for the development allow for construction over 260,000 sq.m., up to 15-story structures.

Investors will have the option to build residences, shopping areas, offices, restaurants, recreational or sports venues.

Interested investors who make it to the next stage will be required to submit a detailed business plan, which should include a development plan, a masterplan, adequate funding commitments, and a binding offer for the concession of the area.

Eligibility criteria include minimum annual revenues of €30m over the last three years, before-tax profitability, debt repayment for two of the last three years, and €50m worth of net assets for the last financial year.

Technical criteria requirements call for interested parties to prove having participated by at least 45 per cent in the operation of a marina hosting at least 300 boats, evidence of the operation of a container terminal with capacity of at least 350,000 tons, and evidence that they have led the development and commercialisation of a project worth at least €75m and a construction area of at least 20,000 sq.m.